Wageflo - better manage your personal cash flow
Wageflo is a simple tool that makes a huge difference! Helping people manage their personal earnings without any extra admin for employers. We have worked hard to make this exciting foundU feature as easy as possible for you and your employees.
The benefits of using Wageflo include:
- Employees have the option to access up to 80% of their earned wages in advance. Once you approve their shift, they can access their pay via their foundU app!
- These funds are provided by foundU and are paid directly to your employees within 15 seconds of submitting their request. When it's time for the regular payday, your payroll process remains the same - just generate and upload your ABA file as usual. The ABA file will include a recoupment of funds that goes directly back to foundU!
- Your usual payroll process will remain unchanged, and there will be no impact on your net pay or reporting.
In this article, we will cover:
- What makes up an eligible Wageflo amount
- Which employees can use Wageflo?
- How to disable or re-enable Wageflo for employees
- Viewing Wageflo line items on draft payslips
- Our employee Budgeting Tool
- What to do with overdrawn wages
- Wageflo reports
- FAQs
Can't see this feature on your platform or want more information? Then reach out to us via email at wageflo@foundu.com.au or head to our website and we can make this feature available on your platform.
It's important to understand what types of payments are considered eligible for Wageflo's total and which ones are excluded before using the feature.
Below are what makes up an eligible amount:
- NET wages minus weekly deductions
- When calculating the eligible balance for Wageflo payments all deductions must be considered first.
- The system must look at the ‘unprocessed deductions’ that sit against the employee profile for that pay period.
- Unprocessed wages for the previous pay period
- Wages for the current pay period (approved) shifts
- Shift allowances
- Daily allowances
Below are the amounts that are excluded from Wageflo's total:
- Automated weekly allowances (phone car)
- Accrual-type allowances
- Reimbursements
- KM allowances
- Workcover pay items
- Bonus payments
- Long Service Leave payments
- Sick and Annual leave payments
- TOIL Payments
- RDO Payments
- Weekly allowances based on worked hours (Tool Allowance)
- TOIL balance/accrual
Once Wageflo is active on your platform, your employees can access this feature. This includes:
- All employees over 18 years old.
- Casual employees and shift-based employees. These employees will be able to access their funds as shifts are approved.
- Salaried employees, however, as their shifts are not approved daily their pay will not be available until the end of the pay week.
Restrictions on using Wageflo
There are a few restrictions to be aware of including:
- Employees must be over 18 years of age
- Employees need to have been paid once through your platform before being able to access the feature (this avoids the risk of pay being sent to the wrong bank account if employees have filled in pay details incorrectly).
- For the same reason, if an employee updates their bank details, Wageflo will be deactivated until a pay has been processed with the new details.
- Wageflo will also pause if the employee makes changes to their TFN details.
- Wageflo will not be available if an employee's payslip has been manually edited.
To see the Wageflo process from an employee perspective, watch this short video below. Please note this video has no sound.
See our 'On-Demand Wages - Our Wageflo feature' employee help guide here.
When Wageflo is activated in your platform, all employees who are eligible to use Wageflo can access their wages as soon as their shifts have been approved.
However, Wageflo can be defaulted on or off for new employees, depending on your business requirements/preferences.
To disable Wageflo for an employee:
- Navigate to the employee's profile either by People > Approved People or via the global search.
- In the Overview page on the employee profile, disable the 'Access to Wageflo' toggle to disable Wageflo for that employee.
After disabling Wageflo for an employee you may like to re-enable Wageflo again.
To re-enable Wageflo for an employee:
- Navigate to the employee's profile either by People > Approved People or via the global search.
- In the Overview page on the employee profile, enable the 'Access to Wageflo' toggle to re-enable Wageflo for that employee.
When an employee uses Wageflo there is no additional action required from administrators! Your regular payroll process will continue as usual, and there will be no effect on net pay or reporting.
Employees that opt to use Wageflo will have a 'Wageflo' line item on their payslip showing the amount that they accessed early along with the $5.00 transaction fee. Admins can view this from the employee's payslip when processing their pay.
To view Wageflo on a draft payslip:
- In Payroll > Pay > Draft Payslips > select the payslip ID to view the employee's payslip.
- Once an employee has used Wageflo there will be a 'Wageflo' line item on their payslip showing the amount that they accessed early along with the $5.00 transaction fee.
Please note: Wageflo payments are deducted from the employee's net pay amount.
After making the necessary pre-payroll checks, you will generate your payslips as normal and upload your ABA file. The ABA file will include a recoupment of funds that goes directly back to foundU. So there is nothing more you need to do!
Along with using Wageflo your employees also have access to our Budgeting Tool. This tool lets employees:
- Estimate their outgoing wages and encourage the right behaviours.
- The ability to view their real-time pay and upcoming pay combined with typical expenses to help guide their choices. Whether it is deciding to hold back on a large expense or requesting more shifts – your employees have access to tools helping with financial well-being.
To see the Budgeting Tool process from an employee perspective, watch this short video below. Please note this video has no sound.
To view the different features of the Budgeting Tool then please check out our On-demand Wages Budgeting Tool employee help guide.
There may be a time that an employee sees a negative withdrawal amount and you see an 'overdrawn' status for an employee who has access to Wageflo, this means that:
- In rare cases, a shift could be edited after it was approved and withdrawn by the employee. This scenario could lead to overdrawn pay resulting in the employee seeing a negative withdrawal amount in their Employee App.
If this happens foundU automatically applies a cash deduction to the employee's next payslip. There is no cost to you as the reconciliation is between foundU and the employee.
- Your employee may see their available pay as a negative amount, but don't worry they will still be able to earn more and withdraw again in the current pay cycle once the outstanding overdraw has been reconciled.
Please note: If this occurs in multiple pay periods, foundU will prevent any further withdrawals until the issue is resolved through reconciliation.
There are 2 reports that can be used to monitor your employees who are using Wageflo and keep track of transactions.
These reports are:
- Wageflo Access Report - Allows you to monitor who has access to Wageflo
- Wageflo Transaction Report - Allows you to have a detailed view of Wageflo transactions (must be enabled on your platform)
Let's look at each of them below:
Wageflo Access Report
The Wageflo Access report allows you to monitor which of your employees have access to Wageflo.
This report is handy for when you need to see which employees have Wageflo enabled, whether they have accessed payments, and if they have updated their TFN details recently.
To generate the Wageflo Access report:
- Navigate to Reports > Financial and under the Payroll Reports section, select the Wageflo Access report.
- Select your Duration and filter as needed. You can use the following filters:
- Office Code
- Employee
- Wageflo Status
- Employee Status
- When you have chosen your relevant filters, select Submit to generate the report.
- After generating the report, you can choose to export it to CSV, PDF, or print it by using the Export or Print options.
Wageflo Transaction Report
The Wageflo Transaction report allows you to see a detailed view of all Wageflo transactions for all employees.
This report is useful as it allows you to see the transaction amount along with the relevant payslip and ABA ID.
Please note: This report is required to be enabled on your platform. If you don't see this report and would like access to it then please reach out to our friendly support team at help@foundu.com.au to have it enabled on your platform.
To generate the Wageflo Transaction report:
- Navigate to Reports > Financial and under the Payroll Reports section, select the Wageflo Transaction report.
- Select your Duration and filter as needed. You can use the following filters:
- Office Code
- Employee
- Status
- When you have chosen your relevant filters, select Submit to generate the report.
- After generating the report, you can choose to export it to CSV, PDF, or print it by using the Export or Print options.
What if I accidentally approve a shift and my employee gets paid?
In the off chance this occurs, we will apply the overdrawn amount to their next available pay period until the overdrawn amount is depleted. As we do this automatically, you'll have nothing to worry about.
Can all my employees use Wageflo?
Right now, Wageflo is only available to employees who are 18 years and above.
How can I let my employees know that Wageflo is an option for them?
Once Wageflo has been activated on your platform and the appropriate employees have been enabled, your employees will see their available balances in their App. You can also let your employees know by using your Employee Announcement feature in your App.
Does my payroll or shift approval process have to change?
From a payroll perspective - your process won't change. You can approve shifts, and generate payroll as normal. The foundU system will automatically apply the cash payment to the employee's payslip without any interruption to your normal process.
Hot tip:
If your business uses clocking you can turn on our auto-approve feature that allows you to automate approvals that match your rostered times within certain thresholds saving your managers time and your business. It also allows your employees real-time availability of their earned money.
Does the On-Demand Wages available balance take into account any other deductions that employees may have?
Yes, the on-demand pay balance does take into consideration of any outstanding deductions the employee may have. This will not be included in their overall available balance so you are not required to disable their on-demand pay access to recoup any overpayments.
What happens if an employee is terminated and funds have been withdrawn?
As the employer, you are able to control if Wageflo is turned on or off. It’s important that you monitor this and turn it off if you’re aware of an upcoming termination. It is also advised that you do not allow an employee to take 100% of their eligible wages, this will greatly reduce the risk of an employee getting into an overdrawn state.
We will individually review each instance of overdrawn amounts on termination. If the amount is small the overdraw is just due to general use and you have made all reasonable efforts to avoid this state then it is likely we will not pursue repayment.
However, if the overdraw is a direct consequence of a mistake made while using the platform (such as incorrectly approving shifts, or forgetting to apply deductions), we may discuss recouping the overdrawn amount from you.
We will do this in partnership with you, and it will help to form future processes and changes in the product.
Why can't my new employee see their Wageflo balance in their Employee App?
- Employees must be paid once successfully by your business before they will have access to Wageflo and see the Wageflo option in their App. This ensures that we have all pay details correct from the employee such as BSB and Account number before they start accessing Wageflo.
- Has the employee recently changed bank details? If so, Wageflo will be unavailable until payment has been processed through the normal payroll generation process.
- Has the employee recently changed TFN details? If they have recently updated their TFN, the employee will be prohibited from using Wageflo until the next pay period.
- Is this the employee's first pay with your company? Wageflo is only enabled once the employee has had at least one pay.
- Has the employee's payslip been manually edited? If so, then this particular pay cycle can no longer be withdrawn as we can't calculate the daily earnings of the particular employee.
- Is the employee in an overdrawn state? If the employee is overdrawn the Wageflo balance will be reduced by this value.
- Are there unapproved shifts for this employee? if the employee has no shifts approved, they won't have a balance to withdraw from.
- Is the employee under 18 years of age? If so, they are ineligible.